GAGA Share Market News

[hfe_template id='11223'] [ad_1] Mumbai: Sixteen domestic mutual funds, which held shares of ICICI Securities, voted in favour of parent ICICI Bank's proposal to delist the broking arm, according to data compiled by primeinfobase.com. Seven fund houses opposed the plan in the voting process held on March 27, the data showed. The terms of the proposal were controversial with a section of the shareholders opposing it. However, a majority of ICICI Securities' public shareholders favoured the delisting in the voting process. Mutual funds, including Kotak, Mahindra Manulife, Samco, Quantum, ITI, LIC and Baroda BNP, voted against the resolution. Asset management companies which voted in favour, were UTI, Axis, Aditya Birla, HDFC, ICICI Prudential, Nippon, Mirae Asset, DSP, SBI, Sundaram, Bandhan, and NJ, among others. The reason cited by Kotak Mutual Fund for being against the proposal was that parent ICICI Bank did not give ICICI Securities' minority shareholders ...

[hfe_template id='11223'] [ad_1] Mumbai: Minority shareholders of ICICI Securities (I-Sec) led by Bengaluru-based investment manager Manu Rishi Gupta have filed a class action suit with the Delhi bench of the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Gupta has confirmed filing the suit under Section 245 of the Companies Act, stating that more than 100 investors have already consented to take legal action to halt the delisting process. He mentioned that more investors are joining each day to support the legal battle. "Our primary contention is to question the process followed for delisting, mismanagement during the voting process, the oppression of minority shareholders through the valuations at which the swap ratio was decided, and moreover, how ICI...